Employees working at at least one branch of the Swedish home furnishings company, IKEA, reportedly walked out on Monday after they were informed that their wages were to be cut by between 11 and 15 percent.

Reports indicated that workers at the IKEA store in Rendi, southern Athens, had walked out after they were told the news about their wages.

They were also informed that employees would have to sign individual employment contracts to replace their collective deals, reports said.

The announcement of wage cuts at IKEA comes just a few days after local rival Neoset announced that it would be filing for bankruptcy.